The U.S. Dollar was trading weaker at the
midsession in a continuation of the rally that started last night.Stronger equity markets are helping to fuel a
greater desire for higher risk assets.The G-20â€™s pledge to continue providing stimulus is most likely the
biggest factor contributing to the rally.The thought of pumping more money into the global economy has triggered
renewed demand for equities and commodities with metals leading the way.Traders are also reacting to renewed
questions about the role of the Dollar as the worldâ€™s number one reserve
The EUR USD made a new high for the year in
a move that fueled a strong breakout to the upside.German economic reports this morning offset
each other, leading to the belief that this rally is being fueled by a desire
for higher yielding assets.This
morningâ€™s reports showed a rise in German exports but weakness in German
An unexpected rise in British industrial
production along with greater demand for higher yielding assets is helping to
support the rally in the GBP USD.This
market has now regained 50% of its August break.Some of the rally could be contributed to
position squaring ahead of this weekâ€™s Bank of England meeting.In light of the recent improvements in the
economy, traders are curious as to whether the BoE will make adjustments to its
quantitative easing program.
The USD JPY is under pressure as a desire
to hold Japanese Bonds over U.S. Bonds is fueling demand for the Yen.The carry trade does not seem to be a factor
today even though U.S.
equity markets are trading higher.
Stronger energy prices along with higher U.S. stock
markets are helping to trigger demand for the Canadian Dollar.The strong rally in industrial metals is also
helping to contribute to the rally.Traders have to be leery of potential Bank of Canada action if the
Canadian Dollar makes a new high for the year.
Demand for higher yielding assets is
driving the NZD USD and AUD USD higher.Australian Dollar traders are also positioning themselves for a rate
hike by the Reserve Bank of Australia
in the near future.
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Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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